東華大學圖書館 |

Language: English

Help

回圖書館首頁

手機版館藏查詢

Back

Switch To: Labeled | MARC Mode | ISBD

Essays on the effects of banking rel...

Rosenfeld Cici, Claire Margaret.

Linked to FindBook

Google Book

Amazon

博客來

Essays on the effects of banking relationships.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Essays on the effects of banking relationships./
Author:	Rosenfeld Cici, Claire Margaret.
Description:	168 p.
Notes:	Adviser: Andrew J. Winton.
Contained By:	Dissertation Abstracts International68-08A.
Subject:	Business Administration, Banking. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3279656
ISBN:	9780549204336

Essays on the effects of banking relationships.
Rosenfeld Cici, Claire Margaret.

Essays on the effects of banking relationships. - 168 p.

Adviser: Andrew J. Winton.

Thesis (Ph.D.)--University of Minnesota, 2007.

Essay #1. Financially distressed firms, by definition, need funding to remain solvent. Repeated lending may provide banks information on the condition of a firm that is otherwise unobservable. In the case of financial distress, when the true state of the firm is difficult to discern, prior (relationship) lenders may have valuable insights. Using hand-collected data, I empirically examine U.S. publicly traded firms to determine the impact of banking relationships on the future of financially distressed firms. I find that banking relationships have a significantly positive impact on the future success of firms, so long as the sample does not solely consist of severely distressed firms. In that case, there is no effect of lending relationships on the future performance of severely financially distressed firms. Evidence shows that the value of banking relationships is determined by proxies for information asymmetry and the firm's prior reliance upon relationship funding. Even after controlling for endogeneity, I find strong evidence that banking relationships have a significantly positive impact on the future success of moderately financially distressed firms. Further, upon expanding the analysis to include non-financially distressed firms, I find evidence that obtaining relationship funding maintains a significantly positive impact on future firm success. These results are robust to variations on the sample definition of financial distress as well as the degree and definition of failure.

ISBN: 9780549204336Subjects--Topical Terms:

1018458
Business Administration, Banking.

Essays on the effects of banking relationships.
LDR:03348nam 2200289 a 45 001 963486
005 20110831
008 110831s2007 ||||||||||||||||| ||eng d
020 $a 9780549204336
035 $a (UMI)AAI3279656
035 $a AAI3279656
040 $a UMI $c UMI
100 1 $a Rosenfeld Cici, Claire Margaret. $3 1286544
245 1 0 $a Essays on the effects of banking relationships.
300 $a 168 p.
500 $a Adviser: Andrew J. Winton.
500 $a Source: Dissertation Abstracts International, Volume: 68-08, Section: A, page: 3454.
502 $a Thesis (Ph.D.)--University of Minnesota, 2007.
520 $a Essay #1. Financially distressed firms, by definition, need funding to remain solvent. Repeated lending may provide banks information on the condition of a firm that is otherwise unobservable. In the case of financial distress, when the true state of the firm is difficult to discern, prior (relationship) lenders may have valuable insights. Using hand-collected data, I empirically examine U.S. publicly traded firms to determine the impact of banking relationships on the future of financially distressed firms. I find that banking relationships have a significantly positive impact on the future success of firms, so long as the sample does not solely consist of severely distressed firms. In that case, there is no effect of lending relationships on the future performance of severely financially distressed firms. Evidence shows that the value of banking relationships is determined by proxies for information asymmetry and the firm's prior reliance upon relationship funding. Even after controlling for endogeneity, I find strong evidence that banking relationships have a significantly positive impact on the future success of moderately financially distressed firms. Further, upon expanding the analysis to include non-financially distressed firms, I find evidence that obtaining relationship funding maintains a significantly positive impact on future firm success. These results are robust to variations on the sample definition of financial distress as well as the degree and definition of failure.
520 $a Essay #2. I analyze the same-day and long-term performance of distressed loan announcements. Consistent with prior studies, I find that firms announcing distressed loans experience significantly positive abnormal returns. I also find that the most severely distressed firms experience the economically largest abnormal returns. Further, financially distressed firms with relationship loans have higher abnormal returns than firms backed by new lenders; this discrepancy is economically largest for the most severely distressed firms. Long-term performance analysis shows that financially distressed firms experience insignificant abnormal returns following their distressed loan announcements. However, non-relationship backed firms suffer significantly worse long-term performance than relationship-backed firms. These findings provide evidence that banks provide certification of firm quality and that the market reacts to new information on bank funding decisions.
590 $a School code: 0130.
650 4 $a Business Administration, Banking. $3 1018458
650 4 $a Business Administration, Management. $3 626628
690 $a 0454
690 $a 0770
710 2 $a University of Minnesota. $3 676231
773 0 $t Dissertation Abstracts International $g 68-08A.
790 $a 0130
790 1 0 $a Winton, Andrew J., $e advisor
791 $a Ph.D.
792 $a 2007
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3279656